The UK鈥檚 biggest developer revealed this week that it was considering breaking up its business after shedding a fifth of its value on the stock market since January.
In a statement on Wednesday, Land Securities said a review of its business was 鈥渨ell progressed鈥�. It added that it would issue a further update once a review, ordered by Paul Myners, its chairman, was complete.
Analysts speculated that this will lead to Trillium, the company鈥檚 property management arm, being spun off from the rest of the business. Broker JP Morgan said it believed Trillium contained 鈥渟ignificant hidden value鈥� but said now was not the right time for a sale.
Francis Salway, Land Securities chief executive, said: 鈥淚t became evident to us that we should test our structure against alternatives to ensure we have the optimal structure for long-term value.鈥�
Land Securities has a 拢15.5bn portfolio but its share price fell from 拢23.23 in January to 拢18.27 this week, valuing it at 拢8.5bn.
The company, which recently submitted a planning application for a 拢2bn scheme in Victoria, London, recently converted into a real estate investment trust (Reit).
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